Issue - meetings

This report presents Cabinet with the draft revised Financial Regulations for discussion, comment and approval and submission to the Audit and Governance Committee.

Resolved:   That Cabinet agree the draft revised Financial Regulations, at Annex A of the report, including  the key changes set out at Paragraph 5, 6, 7 & 8 and recommend the regulations to Audit and Governance Committee for their consideration and formal recommendation to Full Council. 

Reason:     To ensure that the revised draft Financial Regulations are appropriate in maintaining the integrity of the council’s financial arrangements and can be recommended to Audit and Governance Committee.

Members considered a report which presented the Council’s draft revised Financial Regulations, at Annex A, incorporating a number of amendments, particularly around external arrangements and the provision of grants and loans to outside bodies. The regulations provided an effective regulatory framework that allowed the organisation to operate with minimum risk.

Changes arising from the recommendations of the Loans and Grants Scrutiny Review were set out at table 1 of the report with other key changes at table 2.

The Cabinet Member confirmed that the new regulations now reflected the recommendations of the Loans and Grants review, although it was highlighted that the Council only had one loan in excess of £100k in respect of Yorwaste.

Consideration was then given to the following options:

Option 1 – Recommend Audit and Governance Committee approval of the amendments to the Financial Regulations as set out at paragraph 5, 6, 7, 8 and Annex A;

Option 2 – Recommend to Audit and Governance Committee that the amendments are not approved.

Resolved:   That Cabinet agree the draft revised Financial Regulations, at Annex A of the report, including  the key changes set out at Paragraph 5, 6, 7 & 8 and recommend the regulations to Audit and Governance Committee for their consideration and formal recommendation to Full Council.  ^1.

Reason:     To ensure that the revised draft Financial Regulations are appropriate in maintaining the integrity of the council’s financial arrangements and can be recommended to Audit and Governance Committee.